均不含直流配套电源。 文 | 甘肃省发展和改革委员会 1 2月31日，甘肃省发展改革委、甘肃省工信厅、甘肃省能源局、甘肃监管办公室联合发 布《关于建立发电侧可靠容量补偿机制的通知（试行）》。 文件提到， 建立发电侧可靠容量补偿机制 ，对电力系统确有需要并在全年系统顶峰时段 能持续稳定供电的机组，建立发电侧可靠容量补偿机制，根据其可靠容量进行补偿。 此外，文件指出， 电网侧独立新型储能可靠容量 =全网统调电网侧独立新型储能最大放 电功率×( 1-厂用电率）×可靠容量系数。 电网侧独立新型储能可靠容量系数 =最大功率发电持续时长/系统净负荷高峰持续时长， 最大不超过1， 系统净负荷高峰持续时长暂定为6小时 。这意味着建设6 h 电网侧独立新 型储能 可获得满额补贴。 补偿范围 合规在运的公用煤电机组； 电网侧独立新型储能 （ 除 抽 水 蓄 能 外 ， 包 括 锂 电 池 、 液 流 电 池 、 飞 轮 、 压 缩 空 气 、 氢 （氨）储能、热（冷）储能 等）； 电网侧独立新型储能清单由国网甘肃省电力公司负责梳理汇总后，书面报送省能源局审核 认定发布，清单抄报甘肃能源监管办，并适时对清单进行动态调整。 新建煤电 ...

Group 1 - The core action in the humanoid robot sector is the acquisition by UBTECH (9880.HK) of a 43% stake in Fenglong Co., Ltd. (002931.SZ) for 1.665 billion yuan, marking a significant step in UBTECH's "H+A" dual capital platform strategy [2] - The share transfer and tender offer price is set at 17.72 yuan per share, reflecting a 10% discount from Fenglong's last closing price of 19.68 yuan before suspension [2] - Following the announcement, Fenglong's stock surged to a limit-up of 21.65 yuan per share upon resuming trading, increasing its market capitalization to 4.7 billion yuan [2] Group 2 - Fenglong's business focus on garden machinery parts, automotive components, and hydraulic parts complements UBTECH's needs for extending its industrial chain [4] - UBTECH has no immediate plans to alter Fenglong's main business or make significant adjustments within the next 12 months [4] - The acquisition aligns with UBTECH's capital strategy and industrial implementation, aiming to leverage multi-tiered capital market synergies for global expansion and resource enhancement [4] Group 3 - UBTECH's humanoid robot Walker S2 has seen significant market expansion, including a strategic partnership with Texas Instruments and a project win in Huizhou worth nearly 60 million yuan [5] - Current monthly production capacity for Walker S2 exceeds 300 units, with an expected annual delivery of over 500 units, and a projected capacity increase to 10,000 units by 2026 [5] - The humanoid robot industry is experiencing a dual drive of industrialization and capitalization, with leading companies pursuing mergers and IPOs to accelerate their capital processes [5]

本文字数：1021，阅读时长大约2分钟 作者 |第一财经 乔心怡 人形机器人，或将迎来"H+A第一股"。 优必选（9880.HK）发布公告，以"协议转让+要约收购"的组合方式共收购深交所上市公司锋龙股份 （002931.SZ）93957518股，占锋龙股份公司股份总数43%。本次交易完成后，锋龙股份控股股东将由 诚锋投资变更为优必选，实际控制人由董剑刚变更为优必选创始人、董事会主席周剑。 2025.12.25 优必选在上市后就曾表示 "会积极关注并考虑包括在A股上市的各类可能性"。中关村物联网产业联盟副 秘书长袁帅告诉第一财经记者，优必选此次收购或意在借助多层次资本市场的协同效应，为企业全球化 布局和产业链延伸提供更多资源支持。 今年下半年以来，优必选在产业端的订单进展明显加快。12月中旬，美国德州仪器与优必选正式达成战 略合作，德州仪器已采购优必选的工业人形机器人Walker S2，并正在其生产线上进行部署和调试。此 后，优必选中标惠州市惠阳区人形机器人大湾区数据采集中心项目，金额达5962.015万元，中标产品全 部为优必选工业人形机器人Walker S2。 产能方面，根据优必选披露，Walker S2当 ...

Core Viewpoint - The article discusses the acquisition of a controlling stake in Fenglong Co., Ltd. by UBTECH Robotics, marking a significant step towards the company's exploration of the "H+A" (Human + AI) path in the humanoid robot industry [3][7]. Group 1: Acquisition Details - UBTECH Robotics announced the acquisition of 93,957,518 shares of Fenglong Co., Ltd., representing 43% of the total shares, through a combination of agreement transfer and tender offer [3]. - The share transfer and tender offer price is set at 17.72 CNY per share, which is a 10% discount compared to the last trading price of 19.68 CNY before the suspension [3]. - The total consideration for the acquisition amounts to 1.665 billion CNY [3]. Group 2: Market Reaction and Company Overview - Following the announcement, Fenglong Co., Ltd. opened with a limit-up at 21.65 CNY per share, giving it a market capitalization of 4.7 billion CNY [4]. - UBTECH Robotics has no immediate plans to change the main business operations of Fenglong Co., Ltd. within the next 12 months [4]. Group 3: Business Developments - In the second half of the year, UBTECH has accelerated its order progress, including a strategic partnership with Texas Instruments for the deployment of its Walker S2 industrial humanoid robot [6]. - UBTECH won a project in Huizhou, with a contract value of 59.62 million CNY for the supply of Walker S2 robots [6]. - The current monthly production capacity of the Walker S2 exceeds 300 units, with an expected annual delivery of over 500 units, and a projected capacity increase to 10,000 units by 2026 [6]. Group 4: Future Challenges - The acquisition is seen as a crucial step for UBTECH in exploring the "H+A" path, but long-term success will depend on the company's ability to maintain delivery schedules, cost control, and stability in its industrial humanoid robots [7]. - The alignment between capital market narratives and actual engineering capabilities will significantly impact the value of UBTECH's "H+A" strategy [7].

从长期来看，真正的挑战仍在于工业人形机器人能否在交付节奏、成本控制和稳定性上持续兑现预期。 人形机器人，或将迎来"H+A第一股"。 优必选（9880.HK）发布公告，以"协议转让+要约收购"的组合方式共收购深交所上市公司锋龙股份（002931.SZ）93957518股，占锋龙股份公司股份总数 43%。本次交易完成后，锋龙股份控股股东将由诚锋投资变更为优必选，实际控制人由董剑刚变更为优必选创始人、董事会主席周剑。 根据公告，本次控制权变更方案中的股份转让价格、要约收购价格均为17.72元/股，该价格相比12月17日锋龙股份停牌前19.68元/股折让10%，以此计算，合 计总对价达16.65亿元。 12月25日，锋龙股份开盘一字涨停，报21.65元/股，市值47亿元。截至上一个交易日收盘，优必选报价109.5港元/股。据介绍，锋龙股份核心业务为园林机 械零部件、汽车零部件及液压零部件的研发、生产与销售，产品涵盖点火器、飞轮、汽缸及精密铝压铸零部件等关键组件。根据公告，优必选暂无在未来12 个月内改变锋龙股份主营业务或者对上市公司主营业务做出重大调整的明确计划。 优必选在上市后就曾表示 "会积极关注并考虑包括在A股 ...

Core Viewpoint - Yuxin Electronics (301107.SZ) primarily focuses on products related to general gasoline engine power, generator power system accessories, new energy products, and agricultural machinery products, and does not manufacture data center power-related products [1] Product Categories - The main products of the company include general gasoline engine power products such as igniters, flywheels, and charging coils [1] - The company also produces generator power system accessories including inverters, permanent magnet motor stators and rotors, and voltage regulators [1] - New energy products offered by the company consist of drive motors and controllers, as well as range extenders and controllers [1] - Agricultural machinery products are also part of the company's product lineup [1]

Core Viewpoint - Yuxin Electronics (301107.SZ) primarily focuses on products related to general gasoline engine power, generator power system accessories, new energy products, and agricultural machinery products, and does not manufacture data center power-related products [1] Group 1: Product Categories - The main products of the company include general gasoline engine power products such as igniters, flywheels, and charging coils [1] - The company also produces generator power system accessories including inverters, permanent magnet motor stators and rotors, and voltage regulators [1] - New energy products offered by the company consist of drive motors and controllers, as well as range extenders and controllers [1] - Agricultural machinery products are also part of the company's product lineup [1]

Group 1: Company Overview - The company, Chongqing Yuxin Pingrui Electronics Co., Ltd., is recognized as a national high-tech enterprise with brand influence in the core components of general machinery [2][3]. - The company has developed a comprehensive product system with over 5,000 models, providing one-stop procurement services for downstream manufacturers [3]. Group 2: Financial Performance - In Q2 2025, the company achieved a revenue of 197.95 million yuan, a 7.1% increase from Q1 2025, and a net profit of 26.34 million yuan, up 7.16% from Q1 2025 [5]. - The company is focused on enhancing its core competitiveness and high-quality development to improve market recognition [4][6]. Group 3: Investor Relations and Market Position - The management emphasizes the importance of shareholder interests and market performance, stating that any future stock buyback plans will comply with legal disclosure requirements [2]. - The company is actively engaged in market communication through performance briefings and aims to strengthen brand building to enhance market influence [4]. Group 4: Product Development and Future Plans - The company is involved in various product lines, including general gasoline engine components, generator power system accessories, and new energy products [9]. - There are ongoing efforts to expand product applications in non-road new energy power equipment and commercial vehicle battery solutions [9]. Group 5: Market Challenges - The management acknowledges the complexity of factors affecting stock performance in the secondary market, including macroeconomic conditions and industry trends [6]. - The company is committed to improving its market value management and will disclose any relevant plans in accordance with regulations [2][4].

Core Insights - The 2025 World Artificial Intelligence Conference and the High-Level Meeting on Global Governance of Artificial Intelligence were inaugurated in Shanghai, where the National Development and Reform Commission released the "China Intelligence: Benefits to the World (2025)" case collection, showcasing China's contributions to global AI development and international cooperation [1][4][5] Group 1: AI's Global Impact - Artificial intelligence is transforming lifestyles and has a profound impact on the global economy and technological development landscape, becoming a new focal point in global tech development [4] - The case collection highlights various international cooperation projects where Chinese AI products and technologies empower development across Asia, Africa, South America, and Europe [5] Group 2: AI Applications and Innovations - Examples of AI applications include a language model facilitating communication with disaster victims, AI in education transcending borders, and smart farming technologies enhancing productivity for farmers [5] - Other applications mentioned are AI in medical imaging analysis improving patient experiences, safety platforms for railways, and algorithms achieving zero casualties in mining operations [5] Group 3: Future Collaboration and Goals - China expresses willingness to collaborate with countries worldwide, using technology as a bridge to deepen AI applications in infrastructure, healthcare, climate change, and public safety [6] - The aim is to create a synergy in addressing global challenges through collaborative innovation and sustainable development [6]

Core Insights - Shandong Province is implementing the "Eight Major Actions" to promote high-level consumption of renewable energy, with a focus on new energy storage as a key technology and infrastructure for achieving carbon neutrality goals [1] Group 1: New Energy Storage Development - New energy storage is recognized as essential for building a new power system and is a critical area for seizing international strategic opportunities, including technologies like electrochemical, compressed air, flywheel, and supercapacitors [1] - Shandong has launched a "Million Kilowatt Action Plan" for new energy storage, establishing a market trading mechanism for independent storage and promoting diverse development through various demonstration projects [1] - The operational scale of new energy storage in Shandong has reached 8.085 million kilowatts, quadrupling since the end of 2022, maintaining a leading position nationally for three consecutive years [1] Group 2: Market Mechanisms and Policy Support - The National Development and Reform Commission and the National Energy Administration have initiated a market-driven approach for new energy storage, emphasizing the need for improved market mechanisms in Shandong [3] - Key measures include widening the price difference for energy storage, expanding profit channels by allowing participation in frequency regulation and auxiliary services, and reducing operational costs for independent storage [4] - Existing renewable energy facilities are required to continue adhering to storage-related policies to ensure stable rental income from storage capacity [4] Group 3: Future Goals - Shandong aims to further develop compressed air and electrochemical storage projects, with a target to exceed 10 million kilowatts of new energy storage capacity by the end of the year, supporting high-quality development and consumption of renewable energy [5]